Brent climbs 0.3% to $83.42 and WTI rises 0.3% to $81.12 after nearly 5% selloff tied to US-Iran truce talk

On June 16, Brent crude rose 0.3% to $83.42 a barrel and WTI gained 0.3% to $81.12, extending a rebound after a nearly 5% drop the previous session. The selloff followed U.S. President Donald Trump’s announcement that the U.S. and Iran had agreed a memorandum of understanding to end the “U.S.-Israeli war with Iran,” fueling expectations that supply could return. The conflict had shut the Strait of Hormuz, disrupting about 14 million barrels per day of production, but details of the agreement have not been made public and a permanent truce has yet to be negotiated. Analysts warned that damage to infrastructure could mean supply recovery takes months, while Saudi Aramco has said market stability could be delayed until 2027.